Housing development finance corporation, HDFC Bank is the leading private sector bank in India. It’s headquarter is located in Mumbai, Maharashtra. HDFC is a pioneer of housing finance and has more than 35years of experience. It provides many types of financial products such as business loans, superbike loans, two-wheeler loans, new car loans, pre-owned car loans, rural loans, education loans, car loans, home loans, personal loans. HDFC Bank is a renowned bank in the private sector. Let us talk regarding the HDFC home loan service
If your dream of owning a house is still pending, make your dream come true with HDFC Home loans. you can renovate, redecorate, buy or build your house by a different range of home loan
The HDFC Bank home loan interest rates are different for salaried people and self-employed people and females. For salaried people, the interest rate starts from 8.40% to 9.55% while for the salaried women it is 8.35% to 9.55%. For self-employed people, the interest rate is 8.50 to 9.80% and for self-employed women, the rate of interest is 8.50 to9.75%.
HDFC Home Loan Details
Interest rate:8.30% to 9.70%
Loan to value ratio is at 75-90%
Loan Tenure: HDFC offers you a tenure of 30 years to repay your loan.
Processing charges: 0.50% of the loan
Advantages Of Hdfc Home Loan
There are various benefits of HDFC house loans, as they provide different types of schemes to suit different people.
- HDFC provides an attractive rate of interest, transparent charges, quick, smooth and easy loan processing and easy repayment options for people.
- Counselling and advisory services
- Flexible and easy customized loan repayment facilities
- Safe document storage
- Transparency:- all the included charges will be mentioned, no hidden charges.
- Loan approval before property selection
- HDFC also provides home loan for agriculturalists, horticulturalists, planters and dairy farmers
- For applying for home loans by farmers, there is no need to mortgage land or income tax receipts.
HDFC Home Loan Schemes
There are various home loan schemes launched by HDFC
HDFC Bank Home Loan
This home loan provided by HDFC to both salaried and self-employed customers. Those who want to buy or built their own dream house can apply for an HDFC Bank Home loan. The amount of rate of interest on home loans for women is less than others, in which women should be the owner or co-owner of the home. For women, the interest rate will be 8.60% whereas for others it will be 9.70%.
HDFC Reach Loan
Bank reach is best suited for those who want customized loans for the home or buy the plot. This loan is beneficial for those who want to purchase a plot of land. This eligibility criteria for this loan is applicant should have a minimum salary of 10000/month if he is a salaried person or if he/she is self-employed they must have a minimum income of 2 lacs/year. The processing charges up to 2% of loan + GST for salaried and for self-employed customers
HDFC Plot Loan
This HDFC Plot loan is also one of the schemes in which you can avail loan to buy a plot or buy your dream home. Both self-employed and salaried person is eligible for HDFC plot loan. The maximum loan amount is Rs.15 crores and loan tenure is of 15 years. only Indians are eligible for HDFC plot loan.
HDFC Rural Housing Loans
This HDFC loan is also beneficial for agriculturalists who want to buy or build a house in rural areas. Both salaried and self-employed customers are eligible for this rural housing loan scheme.
HDFC Home Improvement Loans (HIL)
Interiors of the home are also preferred as it reflects our choice and standard of living. The bank provides a Home improvement loan under this scheme, in which you can take a loan for internal and external repair such as Painting the house, Waterproofing and Roofing, Plumbing works and Electrical Works, Tiling and Flooring, Grills, Aluminium Windows, Compound Walls, etc. All these internal and external repairs are now easy by just taking a loan from HDFC home loan.
HDFC home extension loans(HEL)
This HEL is to add space or extend your existing home. Adding more rooms for the growing family, study room, big hall, coffee corner all these requirements are fulfilled by HDFC home extension loans.
HDFC Top-up Loans
These HDFC top loans are for personal work or professional work like for business expansion, marriage, debt consolidation, dream vacations, etc. all these requirements are fulfilled by HDFC Top-up loans.
HDFC Balance Transfer
This can help you to lower your loan rate of interest or loan repayment, in this scheme, HDFC provides refinance the home loan payment and make the EMI payment an easy task. this scheme helps to lower your monthly EMI payments. It needs to transfer your outstanding Home Loan availed from another Bank to HDFC bank.
HDFC Home Loan For NRI
Now you can easily apply for a home loan in India if you live in aboard, this scheme is specially launched for non-residents of India. This scheme facilitates the Loans to NRIs, PIOs, and OCIs for the purchase of a flat, row house, bungalow from private developers in approved projects in India.
Hdfc Home Loan For Different People
The HDFC bank also provides home loans to different people such as farmers, planters, horticulturist and dairy farmers. It has also a special scheme for agriculturalists.
- It provided by farmers in which they can take a loan for house construction or buying a house in the rural or urban areas.
- There is no need for collateral land for a home loan
- Loan eligibility will be depending upon the agricultural land owned and the types of crops cultivated by those farmers.
- There is no need for income tax returns for applying HDFC Home loan for agriculturalists.
HDFC Home Loan Eligibility Criteria
The eligibility for the HDFC bank home loan are:-
- The home loan applicant should be a minimum of 21 years
- Applicants should earn a regular income of minimum Rs. 25,000.
- The maximum age for salaried people is 60 years for and for self-employed people is 65 years.
HDFC Home Loan Documents
Documents for salaried customers and business owner/self-employed customers:-
- application form with photograph b. identity proof
- residency proof
- bank statement of last six months
- processing fee check
How I repay my home loan amount?
Bank offers various facilities for repayment of the home loan. You can pay installments through your banker through ECS (Electronic Clearing System), you can also opt for direct deduction of monthly installments from your salary account.
Who is eligible for the balance transfer loan?
Any loan borrower who takes a home loan from another bank or financial institution, in which he/she had a regular payment track of 12 months, can eligible for a balance transfer loan from HDFC.
Is the loan rate of interest for women is different from others?
Yes, HDFC Provides a low rate of interest for women, for availing this, the woman should be the owner and co-owner of the property on which loan is seeking for.
What is the maximum term for top-up loans?
The maximum term for HDFC top-up loan is 15 years or till the age of your retirement, whichever is lower.
Who is eligible for a home extension loan?
Anyone who wants to add space in their existing home/floor /apartment, who want to add more rooms for a new family, big hall, coffee space can easily avail for extension home loan, existing customers are also eligible for home extension loan.
Do I get benefits on balance transfer loans?
Yes. You get tax benefits on the principal and interest components of your balance transfer loan under the Income Tax Act, 1961. However, these benefits vary from year to year. please ask HDFC Loan Counsellor Regarding the tax benefits which you could avail on your balance transfer loan.
How do I apply for a home loan?
You can take the application form from the nearest HDFC bank or simply download the home loan application form from the official website of HDFC bank, and submit it with the needed documents and the processing fee cheque to the nearest HDFC office.